Do Not Stop Mortgage Foreclosure – Walking Away
As the economy continues to flounder and as home values in some areas continue to plummet, many people are simply walking away from their homes. There are many situations where it is a financially sound move to walk away and to decide to not stop mortgage foreclosure. But you do need to be aware of what the consequences of walking away are.
If you are facing a mountain of debt, mortgage, credit cards, personal loans, car loans, it might make financial sense for you to walk away from your home. In this situation, it might also make sense for you to file bankruptcy. Be sure to consult a good bankruptcy attorney before doing so.
If the mortgage is too much of a financial burden, that is a time where it also makes sense to walk away. If 50% or more of your income is being used just to make the mortgage payments, foreclosure might be a better option than continuing to struggle to make those mortgage payments. Finding a cheaper place to live could help you struggle less and enjoy your life more.
If you find yourself unemployed and with no prospects of finding a job soon, deciding to not stop mortgage foreclosure on your home might be a good idea. Some mortgage companies will defer your payments with no additional fees while you look for work but at the end of it they will somehow get paid. Either through a refinance of your mortgage once you find work or by having you make up those back payments.
The biggest cons in all of this are the damage that a foreclosure will do to your credit and the possibility that the bank will come after you for any deficiency that they are owed. Yes, you can walk away from your house but there will be consequences for that action. You’ll have that foreclosure on your credit record for 7 years and that will affect any credit that you apply for during that time. The other thing to consider is that if the bank or banks do not get the full amount due to them in the foreclosure sale of the home, they have the option of coming after you to get that money. Will they? Who knows but they do have the option.
Bottom line: You have to look at your individual situation and weigh the pros and cons of whether you should stop mortgage foreclosure or not. You need to look at it not just from the perspective of what looks best today but look to the future and how the decision that you are making now will affect your future. More free help at www.Stopping-Home-Foreclosure.com
